Gift tax and exem0tion

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Raaj (Querist)

01 September 2013 Dear sir,
I have few queries
1. I have got a house from my blood brother worth Rs. 30 lacs and the sale deed is in my wife's name. Now my question is if I ask my brother to gift the house, will he or my wife need to pay income tax or gift tax. In this case is it not exempted.
2. If my father in law gift say Rs. 10 lac to my wife(his daughter)
does he or my wife need to pay gift tax and if so how much. Is it not exempted.
Thanks n Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 September 2013 1. I have got a house from my blood brother worth Rs. 30 lacs and the sale deed is in my wife's name. Now my question is if I ask my brother to gift the house, will he or my wife need to pay income tax or gift tax. In this case is it not exempted.
.
When sale deed is in the name of your wife, how your brother can gift?
.
If brother gifts his house to your wife, no gift tax or income tax is payable by the either party.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 September 2013 2. Your father in law can gift any astronomical amount he validly possess, to your wife without attracting a liability under the Income Tax Act.
.

Raaj

Raaj (Querist)

02 September 2013 Thanks Paras Ji

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